Mantra Crypto Crash: $4.5 Billion Wiped Out After 90% Plunge Amid Rug-Pull Allegations

The Mantra crypto crash wiped out over $4.5 billion in less than two hours after OM plunged 90%, sparking rug-pull fears.

The Mantra team denied any involvement.

“Today’s activity was triggered by reckless liquidations, not anything to do with the project,” Mantra posted on its official X account on April 13. “One thing we want to be clear on: this was not our team.”

Mantra token

Mantra Crypto Crash Erases $4.5 Billion In Market Cap

The Mantra token saw its market cap drop from over $5 billion to around $500 million in less than 2 hours. 

It has since recovered slightly to a market cap of about $761 million, data from CoinMarketCap shows.

The crypto’s price is, however, still down over 87% on the daily time frame to trade at $0.7902 as of 1:14 a.m. EST. 

On-chain analytics platform Lookonchain said in an X post today that prior to the Mantra token crash, at least 17 wallets deposited 43.6 OM tokens, valued at $227 million at the time, into exchanges. This amount totaled 4.3% of the altcoin’s circulating supply.  

Lookonchain cited Arkham Intelligence data and added that 2 of the addresses belonged to Laser Digital, a strategic investor in the layer-1 blockchain project.

Mantra Community Lead Denies Rug-Pull Allegations

The sudden drop in price has ignited rumors that the Mantra token team is behind the selling activity. 

An investor said in the project’s Telegram group that the “team rugged” and that “it’s over.” Community lead Dustin McDaniel replied to the message and denied that the team was behind the selling activity. 

He added that the team is based in Hong Kong and that it was 3:00 a.m. in the morning when the activity occurred.

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